Eurasian Development Bank starts funding projects turned down by EBRD

The management of the European Bank for Reconstruction and Development made a decision on temporary suspension of funding new projects in Russia in July 2014

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ST. PETERSBURG, June 1. /TASS/. The Eurasian Development Bank (EDB) started financing projects turned down by the European Bank for Reconstruction and Development, EDB Chief Executive Officer Dmitry Pankin told TASS at the St. Petersburg International Economic Forum (SPIEF) on Thursday.

"In many ways. We will sign an agreement with the St. Petersburg Water Supply Company in the amount of 60 bln rubles ($1.1 bln) until 2020. It was a favorite client of the EBRD earlier, many interesting projects were completed but now they halted working with it," Pankin said.

EBRD deprived itself of an opportunity to participate in all major road projects in Russia by making the suspension decision, the banker said. Were it not for policy, EBRD might take part in construction of the Central Ring Road, toll roads and the bridge across the Kama River in Tatarstan, Pankin said. "These are major infrastructural projects all development banks like," he added.

The management of EBRD made a decision on temporary suspension of funding new projects in Russia in July 2014 in view of introduction of sanctions against Russia.

Russia will focus on other international development institutions, Minister of Economic Development Maxim Oreshkin said earlier.